The FIA launched an entry process in February, which remains open and plans to produce results in June after reviewing all bids.
Currently, if accepted, new entrants must pay a $200 million “anti-dilution fee” that is split among the 10 existing teams.
Officials said the figure was meant to reflect the potential loss each team would suffer if it got a slice of F1’s revenue pie.
Some sources also suggest it has something to do with the approximate bottom-end value of teams like Williams the last time Concorde was signed.
However, with the help of a cost cap, drive to survive As well as a strong recovery from the COVID-19 pandemic, the sport is now healthier than when the $200 million figure was agreed upon, and team values have risen accordingly.
The current team has been pushing a new figure that effectively equates the cost of entry to the theoretical value of the existing business, citing figures as high as $600 million.
Domenicali, who has long insisted that any new team must add value to the sport, stressed that times have changed since the initial numbers were agreed.
“The FIA has started the process of forming another team,” Domenicali told F1 Investor. “In our governance, in our Concorde, it’s possible to do that.
“But the assessment has to go together, from a technical standpoint, from a sporting standpoint, for financial stability, and from a bigger picture, if a new team will bring value to the league, to the sport. And will be a different location.
Formula 1 CEO Stefano Domenicali
Photography: Erik Junius
“I go back to the point that the so-called anti-dilution payment was made a couple of years ago at $200 million. Because at the time no one would have thought the value of the business would go up that much.
“It’s certainly a very different situation today. We have a responsibility to make sure we protect businesses in the best possible way and have a bigger picture.”
While the Andretti/Cadillac bid is the best known, Domenicali stressed that some potential entrants have expressed interest.
“Today, there are a lot of people wanting to come,” he said. “Some teams were more outspoken than others, some were much more silent, but they did express their interest.
“In life, someone has to make an assessment. We’re part of that process and we’re going to do the right thing at the right time this year.”
Liberty Media CEO Greg Maffei backed Domenicali’s view, noting how the team’s value has gone up.
“Going back to the $200 million talk,” he said. “Manor is the 11th team. Just before we bought F1 (at the end of 2016), it went into management in the UK and sold for £1. The world has changed.”